Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
A debt of $4845.81 is repaid by payments of $1277.54 in 3 months, $1041.22 in 14 months, and a final payment in 24 months.
A debt of $4845.81 is repaid by payments of $1277.54 in 3 months, $1041.22 in 14 months, and a final payment in 24 months. If interest was 6% compounded annually, what was the amount of the final payment? The final payment is $3471.993 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started